株價指數先物去來의 問題點과 對策에 관한 硏究

Abstract

In Korea, the stock index futures is scheduled to be introduced in 1996 and the introduction of other financial futures instruments like the bond futures are expected to be followed within 2000. With reference to the above introduction, this is a study on the issues and ideas of improvement of the stock index futures market, which may influence the whole financial market. In the second chapter, I investigated the concept of stock index futures trading, regulation system, price fixing and function of risk hedge through a literature review. In the third chapter, I reviewed the necessity of introducing stock index futures and problems that should be settled. This includes a comparative study of early conditions in Japan to minimize possible problems in excuting stock index futures in Korea. In the fourth chapter, the directions to improve the imperfect system are explored according to the economic conditions in Korea. In the final chapter, summary and conclusions are included. Possible problems are ① enlargement of stock fluctuation in spot market ② possibility of shrinking ③ outflow of national resources abroad ④ influence of carrying out financial policy ⑤ stock jobbing transaction. Based on these problems the study found the conclusions as follows ① preventing possibility of fabricated market value ② restriction of surplus-stock jobbing ③ containing stability of clearing corporation ④ training experts ⑤ enacting regulation system.